Question
I was going to post this in the other thread dealing with this subject, but decided to start a new one instead of hijacking the other thread.
Mr. lv2 & I are going to Canada next month (NS/NB/PEI) on vacation, and called a couple of our credit card companies to ask about foreign currency conversion fees. We're particularly sensitive to this, because we got stung with a 3% fee when Mr. lv2 paid for his Canadian fishing trip last year with our GM MC. (And he was really p!$$ed when he later discovered that he'd paid a higher conversion fee than several of the guys who had gone on the trip with him.)
So far, here's the scoop:
Household Bank (GM MC issuer) -- 3%
Discover Card -- told him they charge no conversion fee, but we're skeptical (and DC isn't as readily accepted in Canada, or at least it wasn't when we were in Vancouver a few years ago).
We haven't called our Visa card or AmEx (Blue) yet.
At the bank where our checking account is located, I picked up an app for a WorldPerks (?) card that is issued by MBNA Bank. We both looked at the application (and I looked on MBNA's website) and saw nothing on it about foreign currency conversion fees.
(The Mr. isn't too impressed, however, with the "points" concept this card uses ... he likens it to coupons for products you wouldn't buy except for the coupons.)
Which prompts a couple of other questions:
1) Anyone here have the WorldPerks card, and does MBNA charge conversion fees?
2) Could we get around the conversion fees by getting a card from a Canadian bank and using it while in Canada?
So many questions, so little bandwidth ... http://www.flyertalk.com/forum/wink.gif
Answer
Originally posted by lv2travel:
I was going to post this in the other thread dealing with this subject, but decided to start a new one instead of hijacking the other thread.
Mr. lv2 & I are going to Canada next month (NS/NB/PEI) on vacation, and called a couple of our credit card companies to ask about foreign currency conversion fees. We're particularly sensitive to this, because we got stung with a 3% fee when Mr. lv2 paid for his Canadian fishing trip last year with our GM MC. (And he was really p!$$ed when he later discovered that he'd paid a higher conversion fee than several of the guys who had gone on the trip with him.)
So far, here's the scoop:
Household Bank (GM MC issuer) -- 3%
Discover Card -- told him they charge no conversion fee, but we're skeptical (and DC isn't as readily accepted in Canada, or at least it wasn't when we were in Vancouver a few years ago).
We haven't called our Visa card or AmEx (Blue) yet.
At the bank where our checking account is located, I picked up an app for a WorldPerks (?) card that is issued by MBNA Bank. We both looked at the application (and I looked on MBNA's website) and saw nothing on it about foreign currency conversion fees.
(The Mr. isn't too impressed, however, with the "points" concept this card uses ... he likens it to coupons for products you wouldn't buy except for the coupons.)
Which prompts a couple of other questions:
1) Anyone here have the WorldPerks card, and does MBNA charge conversion fees?
2) Could we get around the conversion fees by getting a card from a Canadian bank and using it while in Canada?
So many questions, so little bandwidth ... http://www.flyertalk.com/forum/wink.gif
The Northwest Airlines WorldPerks Visa is issued by US Bank.
The Northwest Airlines WorldPerks JCB card is issued by JCB (must be an resident of Asia to receive this card)
I'm not sure what the fee is at US Bank but I'm positive they do charge it
Answer
Soc, thanks; but now that I've seen your reply, I think the card I had in mind is called WorldPoints rather than WorldPerks. The card I referred to is definitely issued by MBNA, and not US Bank.
(Although I will probably check out US Bank's website anyway, as well as Bank of America's ... both have branches in STL, and we were shopping for a new credit card even before we started wondering about the currency conversion thing.)
Answer
Farm Bureau Bank Visa (http://farmbureaubank.com) does not charge the fees. They are assessed, but absorbed by FBB. No miles, just 1% cash back.
------------------
Bob
You only live once -- but if you work it right, once is enough.
Joe E. Lewis
Answer
Just don't sign up for a CIBC VISA AeroGold!
Answer
AZ_MISMAN, do you mean to say that the Farm Bureau card absorbs the 1% fee which all VISA cards come saddled with?
In other words, is it even better than, say, the Amtrak MC by MBNA (no additional currency conversion fee, only the 1% assessed by VISA/MC)?
Answer
Good article in this week's elliot's list:
** Beware of Hidden Card Fees
Using your credit card while traveling overseas may get you the best
exchange rate. But travelers must watch which credit card they use while
traveling. Some credit cards end up charging unaware travelers up to 7%
for transactions overseas. I have often told friends that the best
exchange rates while traveling overseas are those obtained when using a
credit card. But the credit card world has changed dramatically over the
past few years. > Read more in Charles Leocha's column at
http://www.ticked.com/leocha/2003/card.htm
Answer
Originally posted by honu:
AZ_MISMAN, do you mean to say that the Farm Bureau card absorbs the 1% fee which all VISA cards come saddled with?
In other words, is it even better than, say, the Amtrak MC by MBNA (no additional currency conversion fee, only the 1% assessed by VISA/MC)?
You got it.
------------------
Bob
You only live once -- but if you work it right, once is enough.
Joe E. Lewis
Answer
Wow, so let me get this straight. Using a credit card in foreign country AmEx and DC charge 2% while all MBNA cards charge 1%, while Farm Bureau charges 0%, and Citibank charges 3%.
I went to the Farm Bureau site and it mentions memberships dues??
Answer
AZ_M., I went to Farm Bureau's website to check out their VISA card. Unfortunately for us, the small print at the bottom of the page says "... FB Bank services not available in [several states including] MO." So that one's a non-starter.
But I did see a post that mentioned MBNA charging only 1% for conversion. If I can't find anything better, I may have to look at them again.
I'm still interested in finding out if having a card from a Canadian bank would circumvent the fees. Anyone? ... Bueller?
Answer
Originally posted by lv2travel:
AZ_M., I went to Farm Bureau's website to check out their VISA card. Unfortunately for us, the small print at the bottom of the page says "... FB Bank services not available in [several states including] MO." So that one's a non-starter.
Maybe not! I just sent a note to FBB Customer service (and they respond really fast.) Here is their answer...
Mr. AZ_MISMAN,
There is a disclaimer on our website that says services are not available in Wyoming, Nebraska, Michigan, Illinois, Missouri, Georgia, or Mississippi. What this means, however, is that we haven't made any alliances with the county Farm Bureau agents in those states. They haven't agreed to refer customers to us.
Please tell your friend that our services are available to anyone in the United States, regardless of where you live. If he would like to visit our website himself or call one of our Personal Bankers at 1-800-492-3276, we would be happy to send him an information package, including applications.
Should you have further questions, please reply to this email or contact us through our website at www.farmbureaubank.com. (http://www.farmbureaubank.com.) You may call us at 1-800-492-3276. We are available Monday through Friday from 7 a.m. to 7 p.m. Central Standard Time.
Teddy Marie Bowers
Correspondence Personal Banker
services@farmbureaubank.com
------------------
Bob
You only live once -- but if you work it right, once is enough.
Joe E. Lewis
Answer
Originally posted by Magna:
Wow, so let me get this straight. Using a credit card in foreign country AmEx and DC charge 2%
Amex charges 1.9% on the card of theirs I have (issued in Australia) and do so on top of an exchange rate that's equivalent to about 1% worse than the mid rate. (ie. it's pretty much the same as the 3% some banks charge)
The US-issued cards, best bet is to look at credit unions. (Washington State Employees Credit Union being one that charges nothing above the standard 1% Visa charge.)
Answer
Originally posted by Magna:
and Citibank charges 3%.
3% http://www.flyertalk.com/forum/mad.gif
Is this info correct?
I've got a Citibank Dividend MasterCard
Answer
Well, here's the latest update ...
I decided to call our Visa card issuer, which I discovered was MBNA. (We haven't used the card in a while, because we'd been using our GM MC until we maxed-out the rebate $, then switched to Citibank AAdvantage MC to accumulate miles. With AA cutting half their flights from STL, we probably won't be using that one much anymore ... guess it's back to Discover or Visa.)
MBNA told me that Visa charges 1%, but that MBNA doesn't levy any additional conversion fees. Since both our MCs will stick us 3%, looks like Habitat for Humanity will be getting some additional donations from us in October. (The Visa is tied to Habitat -- they get 2% of what we spend.)
Answer
Fleet Bank also charges no additional fee above the 1%.
QL
Answer
Originally posted by lv2travel:
MBNA told me that Visa charges 1%, but that MBNA doesn't levy any additional conversion fees.
Also, see this: http://www.flyertalk.com/forum/Forum112/HTML/000491.html
Answer
Are MBNA and Fleet still the best deal at 1% with no skimming?
Farm Bureau still at 1% but reimbursed to cardholder?
I have a Visa Check Card linked to a Bank of America checking account and was told today that there was no currency conversion fee. Does anyone know this for certain?
Answer
I'm not positive, but IIRC, the Nordstrom Platinum Visa actually eats the Visa cost, so you get a straight across conversion.
Answer
Today, I just signed up for a Visa card with the Orange County Teachers Federal Credit Union, and I couldn't be happier! It has the best combination of benefits I've seen in years:
1. 8.99% APR
2. 0% foreign conversion rate (they eat the 1% Visa fee). And their conversion rate is very good. BTW, this also applies to their ATM and debit cards as well.
3. No annual fee, no balance transfer fees, and no cash advance fees. Of course, interest begins accruing immediately on balance transfers and cash advances.
4. A two week grace period on late payments before a late fee is charged. And, should you be so late as to actually incur the late fee, it's only $20 vs. the usual $29-35 fee charged by most other credit cards.
5. You can link it to your checking account in order to provide overdraft protection.
Now, if they also gave airline miles, they'd be just about perfect! :D
Unfortunately, you have to live in Orange Co., CA and work for a govt. or non-profit organization in order to qualify. However, I'd bet a lot of other credit unions offer a similar deal.